Confluence Investment Management LLC Cuts Stake in ResMed Inc. $RMD

Confluence Investment Management LLC lessened its stake in shares of ResMed Inc. (NYSE:RMD) by 3.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 106,396 shares of the medical equipment provider’s stock after selling 4,262 shares during the period. Confluence Investment Management LLC’s holdings in ResMed were worth $25,628,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Landscape Capital Management L.L.C. lifted its holdings in ResMed by 123.2% in the 3rd quarter. Landscape Capital Management L.L.C. now owns 49,017 shares of the medical equipment provider’s stock valued at $13,417,000 after purchasing an additional 27,060 shares in the last quarter. Entropy Technologies LP grew its holdings in shares of ResMed by 188.7% during the second quarter. Entropy Technologies LP now owns 16,384 shares of the medical equipment provider’s stock worth $4,227,000 after buying an additional 10,708 shares in the last quarter. Quantbot Technologies LP raised its position in shares of ResMed by 244.8% in the second quarter. Quantbot Technologies LP now owns 36,355 shares of the medical equipment provider’s stock valued at $9,380,000 after buying an additional 25,810 shares during the last quarter. Allianz Asset Management GmbH raised its position in shares of ResMed by 44.8% in the third quarter. Allianz Asset Management GmbH now owns 357,421 shares of the medical equipment provider’s stock valued at $97,837,000 after buying an additional 110,647 shares during the last quarter. Finally, Nordea Investment Management AB lifted its stake in shares of ResMed by 3.5% in the third quarter. Nordea Investment Management AB now owns 790,872 shares of the medical equipment provider’s stock worth $217,387,000 after buying an additional 26,629 shares in the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Michael J. Farrell sold 4,991 shares of the company’s stock in a transaction on Monday, March 9th. The stock was sold at an average price of $251.03, for a total value of $1,252,890.73. Following the transaction, the chief executive officer owned 466,223 shares of the company’s stock, valued at $117,035,959.69. This represents a 1.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Peter C. Farrell sold 2,000 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $260.22, for a total value of $520,440.00. Following the transaction, the director owned 62,773 shares of the company’s stock, valued at approximately $16,334,790.06. This represents a 3.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 21,073 shares of company stock worth $5,405,198 in the last 90 days. Company insiders own 0.65% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Weiss Ratings raised shares of ResMed from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, February 9th. Stifel Nicolaus upped their price target on ResMed from $260.00 to $265.00 and gave the company a “hold” rating in a research report on Friday, January 30th. Wells Fargo & Company increased their price target on ResMed from $265.00 to $270.00 and gave the company an “equal weight” rating in a report on Friday, January 30th. Royal Bank Of Canada lifted their price objective on ResMed from $311.00 to $314.00 and gave the stock an “outperform” rating in a research report on Friday, January 30th. Finally, Wall Street Zen lowered ResMed from a “buy” rating to a “hold” rating in a research note on Saturday, March 14th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $299.27.

ResMed Stock Performance

ResMed stock opened at $227.55 on Friday. The firm has a 50 day simple moving average of $253.58 and a 200-day simple moving average of $257.18. The stock has a market cap of $33.15 billion, a price-to-earnings ratio of 22.51, a price-to-earnings-growth ratio of 1.51 and a beta of 0.88. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.06 and a quick ratio of 2.32. ResMed Inc. has a 1-year low of $199.92 and a 1-year high of $293.81.

ResMed (NYSE:RMD) last released its quarterly earnings results on Thursday, January 29th. The medical equipment provider reported $2.81 EPS for the quarter, beating the consensus estimate of $2.68 by $0.13. ResMed had a net margin of 27.53% and a return on equity of 25.20%. The firm had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the previous year, the company earned $2.43 EPS. The business’s revenue for the quarter was up 11.0% compared to the same quarter last year. On average, analysts expect that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 19th. Shareholders of record on Thursday, February 12th were given a $0.60 dividend. The ex-dividend date was Thursday, February 12th. This represents a $2.40 dividend on an annualized basis and a yield of 1.1%. ResMed’s payout ratio is currently 23.74%.

About ResMed

ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.